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Greece Expected To Vote On EFSF Law Next Week -Official
ATHENS (Dow Jones)--Greece's Parliament is expected to vote next week on legislation that would expand the powers of Europe's temporary bailout fund, a Greek government official said Wednesday.
The law, which was approved by the Greek cabinet earlier in the day and includes provisions strengthening the Greek government's hand in the banking sector, is expected to be submitted to Parliament on Thursday, the official added.
"The legislation will be submitted to Parliament Thursday, and the vote is expected to take place sometime next week," the official said.
Last month, a summit of European leaders agreed to a new EUR109 billion assistance package for Greece, as well as a series of other measures aimed at stopping the Greek debt crisis from spreading to other euro-zone countries.
Among the measures approved were new powers for Europe's temporary bailout fund, the European Financial Stability Facility, or EFSF, to intervene in government bond markets, rescue banks and make fresh loans to countries in need of financial assistance. The fund's effective lending capacity is also due to be expanded to EUR440 billion, from EUR250 billion currently.
But those changes have yet to be approved by national legislatures--a process that could take months and which has stoked doubts in financial markets over Europe's ability to respond quickly.
In an effort to alleviate investor concerns about the euro-zone debt crisis, German Chancellor Angela Merkel and French President Nicolas Sarkozy last week urged Europe's parliaments to approve the changes to the EFSF by late September.
Greece's Parliament is expected to approve the legislation. The country's Socialist government controls 154 seats in Greece's 300-member Parliament. In addition, the opposition New Democracy Party, which controls another 85 seats, also is expected to support the measure.
However, both New Democracy party officials and some Socialist deputies say that the EFSF may not be large enough to cope with Europe's expanding debt crisis.
ATHENS (Dow Jones)--Greece's Parliament is expected to vote next week on legislation that would expand the powers of Europe's temporary bailout fund, a Greek government official said Wednesday.
The law, which was approved by the Greek cabinet earlier in the day and includes provisions strengthening the Greek government's hand in the banking sector, is expected to be submitted to Parliament on Thursday, the official added.
"The legislation will be submitted to Parliament Thursday, and the vote is expected to take place sometime next week," the official said.
Last month, a summit of European leaders agreed to a new EUR109 billion assistance package for Greece, as well as a series of other measures aimed at stopping the Greek debt crisis from spreading to other euro-zone countries.
Among the measures approved were new powers for Europe's temporary bailout fund, the European Financial Stability Facility, or EFSF, to intervene in government bond markets, rescue banks and make fresh loans to countries in need of financial assistance. The fund's effective lending capacity is also due to be expanded to EUR440 billion, from EUR250 billion currently.
But those changes have yet to be approved by national legislatures--a process that could take months and which has stoked doubts in financial markets over Europe's ability to respond quickly.
In an effort to alleviate investor concerns about the euro-zone debt crisis, German Chancellor Angela Merkel and French President Nicolas Sarkozy last week urged Europe's parliaments to approve the changes to the EFSF by late September.
Greece's Parliament is expected to approve the legislation. The country's Socialist government controls 154 seats in Greece's 300-member Parliament. In addition, the opposition New Democracy Party, which controls another 85 seats, also is expected to support the measure.
However, both New Democracy party officials and some Socialist deputies say that the EFSF may not be large enough to cope with Europe's expanding debt crisis.
avevo promesso a me stesso un paio di mesi fa che tutta la liquidità proveniente da cedole greche sarebbe andata sui tds italiani (come in effetti ho fatto fino a ieri), tra l'altro attualmente a buon prezzo!